Berrios Concedes to Kaegi in Contentious Cook County Assessor's Race

Written on March 21, 2018 at 11:08 AM

Amid a great deal of scandal and political fallout, beleaguered incumbent Joe Berrios conceded to challenger Fritz Kaegi Tuesday night in the primary contest for Cook County assessor as vote totals showed him far behind. Berrios has been facing backlash over the past year for reports that found his office unfairly shifted the tax burden from wealthier property owners to the poor and middle class. His ethics were also under scrutiny due to his history of accepting campaign contributions from attorneys who handle property assessment challenges and for employing family members. 

According to the Chicago Tribune, if Kaegi’s victory stands — a third candidate filed a legal challenge Tuesday evening — it would also mark a loss for the Cook County Democratic establishment Berrios leads and for his ally, state party Chairman Michael Madigan. With 96 percent of the ballots counted, Kaegi had 45 percent of the vote to Berrios’ 34 percent, according to unofficial election night results. The other candidate, Andrea Raila, had 21 percent.

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Categories: Real Property, Illinois

Chicago Commercial Property Sales on Pace for Three-Year Low

Written on October 23, 2017 at 03:47 PM

Over the past two years, Chicago-area landlords have capitalized on a strong economy and low interest rates by selling properties at a rapid pace. But after a whirlwind couple of years of real estate sales transactions, deal volume in the Chicago area is finally slowing down. Sales of commercial properties year to date through August were down 20 percent from the same period in 2016, to $9.8 billion, according to New York-based research firm Real Capital Analytics. While nearly $10 billion is still far more action than there was coming out of the Great Recession, it's the lowest amount spent on office, industrial, retail, apartment and hotel properties in the market through the first eight months of the year since 2014.

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Categories: Office, Industrial, Real Property, Retail, Hotels, Multi Family, Illinois

NREI: The Top 10 Cities with the Highest Commercial Property Taxes

Written on September 06, 2017 at 02:41 PM
As property values continue to recover or  even surpass values  achieved at the peak of the past cycle in 2006 and 2007, rising property tax bills shouldn't come as a surprise to landlords. While some jurisdictions have aggressively increased values to keep up with market recovery and increase revenue, a lag time in reassessment periods in other jurisdictions is causing some property tax bills to skyrocket. Jurisdictions that  reassess values every two or three years rather than annually are playing catch-up and making significant property value increases.
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Categories: Michigan, South Carolina, Minnesota, Real Property, Wisconsin, Indiana, Illinois, Iowa, New York, Connecticut

Illinois Senate OKs $120M Chicago Property Tax Hike in School Reform Measure

Written on August 31, 2017 at 10:49 AM
After a months-long impasse,  the Illinois Senate approved legislation in a  38-13 vote Tuesday that will revamp how state money is distributed to local schools, driving more funding to poorer schools and districts first.  The legislation also allows Chicago Public Schools to further increase property taxes by at least $120 million to help cover ballooning pension costs. The property tax increase provision is part of an overall package that would provide hundreds of millions of additional dollars in state funding for CPS.  Gov.   Bruce Rauner   plans to sign the bill into law today, his office said.

According to the Chicago Tribune, under the legislation, the Chicago Board of Education would be allowed to raise property taxes by an additional $120 million, Democratic legislators said. Cook County Clerk David Orr's office, however, put that figure at closer to $148 million. The new money would go into the Chicago Teachers' Pension Fund. The property tax increase, if approved by the school board, would come on top of record-high $543 million property tax increases City Hall is still phasing in to increase contributions to pension funds for police officers and firefighters.

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Categories: Real Property, Illinois

Illinois Senate Passes 2-Year Property Tax Freeze

Written on June 01, 2017 at 11:48 AM

Illinois senators Tuesday approved bills that impose a two-year property tax freeze for school districts and local governments outside of Chicago. One would freeze property tax levies for school districts, but they'd be able to seek a waiver from the Illinois State Board of Education. The other would freeze taxes for other government bodies with exemptions to allow them to pay down debt and make contributions to employees' pensions. Gov. Bruce Rauner’s office, which has sought a four-year property tax freeze, labeled the bills “phony.”

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Categories: Real Property, Illinois

Industrial Sector Posts Record-Breaking Performance

Written on March 06, 2017 at 10:26 AM

Continued growth in e-commerce has driven industrial vacancy to an all-time low, declining by 70 basis points from a year ago to an aggregate nationwide vacancy of 5.6 percent in the fourth quarter of 2016, according to the year-end industrial market report from real estate services firm JLL. JLL researcher Aaron Ahlburn says that the former record low vacancy was in 2000, when the rate dipped to a 7.0-8.0 percent range as a result of market expansion coming out of the dot.com bubble. Increasing competition for industrial space has caused rental rates to hit record highs, breaking the $5 per sq. ft. triple-net barrier for the first time, Ahlburn notes, and has set off a building boom.

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Categories: Distribution Centers, Pennsylvania, Industrial, Real Property, Indiana, Illinois, Ohio, Warehouse

3 Trends That Will Drive Chicago’s Real Estate Momentum Through 2025

Written on February 09, 2017 at 03:35 PM

Recent and long-term historic trends indicate Chicago's real estate market could remain healthy for years to come, JLL chief economist Ryan Severino said during JLL's Chicago 2025 event last week. According to Bisnow, Severino discussed three particular factors that will continue the city’s strong momentum through 2025: a diverse workforce, an abundance of degreed professionals, and limited concerns with higher interest rates. 

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Categories: Real Property, Illinois

Chicago’s Data Center Market Continues to Boom

Written on February 02, 2017 at 03:11 PM

Chicago was the third-busiest market for data center activity in 2016, thanks to Microsoft, Oracle and a host of financial firms absorbing large amounts of space across the city, according to the latest research from JLL. JLL reported that the Chicago data center market absorbed 56 megawatts last year. That’s a big number – JLL measures data center absorption in megawatts, not square footage – behind only to the Northern Virginia and Northern California markets and just ahead of Dallas-Fort Worth and the Pacific Northwest. It was a record year for Chicago from an absorption standpoint.

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Categories: Real Property, Illinois, Data Centers

10 U.S. Markets with Lowest Logistics Yields

Written on January 09, 2017 at 04:55 PM

Fueled by the rapid growth of e-commerce, the U.S. industrial market is benefiting from tight supply and rising rents and is expected to enjoy sustained momentum throughout 2017.  To track the most in-demand markets, real estate services firm CBRE put together a list of cities and regions with the lowest prime yields on logistics assets. The average prime yield for the U.S. is currently 5.84 percent.

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Categories: New Jersey, Industrial, Washington, Real Property, Illinois, Texas, California, Florida, Warehouse

Chicago Sets Record for Cranes in the Sky

Written on November 09, 2016 at 04:58 PM

The city of Chicago has a reached a new high for number of tower cranes in the sky. Related Midwest’s recently installed tower crane at its new Streeterville apartment building became the 33rd tower crane to go up in 2016 in Chicago, according to city officials, a post-recession record and eight more than last year. It is the 48th tower crane to operate in Chicago during 2016 – 31 more than the city saw in 2011. There are 29 tower cranes currently operating on construction sites in the city with seven more approved and pending installation.

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Categories: Construction, Real Property, Multi Family, Illinois

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